AD Ports Q3 profit up 73% for owners as Hormuz rerouting lifts revenue 48%
AD Ports Group reported record third-quarter results on 11 November: owners' net profit rose 73% to Dh767 million and revenue rose 48% to almost Dh8 billion, which the company credits to rerouting cargo around the closed Strait of Hormuz.
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The story, neutrally told
Centre · 2AD Ports Group said its third-quarter net profit attributable to owners rose 73 per cent to Dh767 million ($209 million), in a statement to the Abu Dhabi Securities Exchange on 11 November. The NationalN “Net profit attributable to the owners of the company for three-month period to the end of the September rose to Dh767 million ($209 million)” Read at The National ↗ Gulf NewsN “Owners’ share of net profit climbed 73 per cent to Dh767 million.” Read at Gulf News ↗ Centre · 1Total quarterly net profit was a record Dh975 million, up 64 per cent from a year earlier, according to Gulf News; profit before tax rose 81 per cent to Dh1.08 billion. Gulf NewsN “AD Ports Group posted a record quarterly net profit of Dh975 million for the third quarter, up 64 per cent from a year earlier.”“Profit before tax rose 81 per cent to Dh1.08 billion.” Read at Gulf News ↗ Centre · 2Revenue rose 48 per cent year on year to Dh7.99 billion, and EBITDA climbed 63 per cent to Dh1.97 billion, lifting the margin to 24.6 per cent from 22.3 per cent. Gulf NewsN “EBITDA grew faster than sales. It climbed 63 per cent to Dh1.97 billion, lifting the margin to 24.6 per cent from 22.3 per cent.” Read at Gulf News ↗ The NationalN “Revenue for the reporting period surged to almost Dh8 billion, a 48 per cent year-on-year increase” Read at The National ↗
Centre · 2The company attributed the results mainly to its push to strengthen alternative multimodal trade routes across the UAE; since March it has rerouted cargo and feeder services to Fujairah Terminals and Khor Fakkan Port, deployed new land and air bridges, and added warehousing. The NationalN ““Continuity measures implemented since March include the rerouting of cargo operations and feeder shipping services to Fujairah Terminals and Khor Fakkan Port,” the company said.” Read at The National ↗ Gulf NewsN “Since March, the group has rerouted cargo and feeder services to Fujairah Terminals and Khor Fakkan Port, both outside the Strait of Hormuz.” Read at Gulf News ↗ Centre · 1The Strait of Hormuz has been effectively shut since the start of the US-Iran war on 28 February, according to The National, and efforts to reopen it for commercial traffic have failed. The NationalN “has been effectively shut since the start of the US-Iran war on February 28.”“Despite a lull in the all-out war, efforts to reopen the strait for commercial vessel traffic have failed.” Read at The National ↗ Centre · 2Group chief executive Afif Al Yafei, who took charge last week, called it "one of the most challenging periods in its 20-year history" and said the results were a testimony to the group's operational resilience. The NationalN ““In one of the most challenging periods in its 20-year history, AD Ports Group achieved record results during Q3” Read at The National ↗ Gulf NewsN “Afif Saif Al Yafei, Group Chief Executive Officer, said that the double-digit, top-line growth came in “one of the most challenging periods in its 20-year history”.” Read at Gulf News ↗
Centre · 2By segment, maritime and shipping revenue rose 56 per cent to Dh4.74 billion (about 58 per cent of the total), logistics revenue rose 76 per cent to Dh1.96 billion (24 per cent), economic cities and free zones rose 15 per cent to Dh690 million, and the ports cluster rose 12 per cent to Dh798 million. The NationalN “Maritime and shipping cluster revenue soared 56 per cent to Dh4.74 billion, about 58 per cent of the total.” Read at The National ↗ Gulf NewsN “Logistics revenue jumped 76 per cent to Dh1.96 billion, or 24 per cent of the group total.” Read at Gulf News ↗ Centre · 2UAE container throughput rose more than 30 per cent from the second quarter but remained 57 per cent lower year on year, at 751,000 TEUs, according to Gulf News. Gulf NewsN “UAE container throughput fell 57 per cent year on year to 751,000 TEUs, yet rose more than 30 per cent quarter on quarter.” Read at Gulf News ↗ The NationalN “On an annual basis, it still remained 57 per cent lower.” Read at The National ↗ Centre · 1Gulf News also reported nine-month revenue of Dh20.83 billion (up 41 per cent), operating cash flow tripling to Dh2.94 billion, and net leverage falling to 3.5x from 4.4x a year earlier. Gulf NewsN “Revenue for the first nine months increased 41 per cent to Dh20.83 billion.”“Net leverage fell to 3.5x from 4.4x a year ago and 3.7x in the second quarter.” Read at Gulf News ↗
Centre · 1Free cash flow to the firm was negative Dh691 million because the group funded its acquisition of Brazil's Corredor Logística e Infraestrutura (CLI), completed on 1 October and described as its largest ever; excluding the deal it would have been positive Dh1.17 billion. Gulf NewsN “Free cash flow to the firm turned negative at Dh691 million because the group funded the CLI acquisition. Excluding the deal, it would have been positive at Dh1.17 billion.”“AD Ports completed its largest-ever acquisition, Brazil’s Corredor Logística e Infraestrutura (CLI), on October 1.” Read at Gulf News ↗ Centre · 2AD Ports is moving from public to private ownership: Abu Dhabi sovereign investor L’IMAD offered Dh6.25 ($1.70) a share, now holds 98.93 per cent and will buy out the remaining shareholders, with settlement expected on 22 December, after which the company will delist from the ADX. Gulf NewsN “It now holds 98.93 per cent and will buy out the remaining shareholders. Settlement is expected on December 22. AD Ports will then delist from the Abu Dhabi Securities Exchange.” Read at Gulf News ↗ The NationalN “The company is transiting from a publicly-traded firm to a private enterprise and in the process of delisting from the ADX.” Read at The National ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre2 outlets
- Framing
- Both outlets present the results as a record quarter achieved despite the Hormuz closure, relaying the company's own explanation and the CEO's quote. The National leads on the Hormuz mitigation angle and the 73% owners' profit; Gulf News leads on the record Dh975 million total profit and gives a detailed breakdown of segments, cash flow and the L'IMAD offer.
- Emphasis
- Operational resilience, rerouting to Fujairah and Khor Fakkan, segment revenue growth, and the move to delist.
- Leaves out or plays down
- The National omits total profit (Dh975 million), cash flow, leverage and the CLI acquisition detail; Gulf News gives little background on the US-Iran war and the failed efforts to reopen the strait. Neither presents independent analyst views or critical voices.
- Charged language
- “record results”“surge”“soared”
- For example
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“AD Ports Group posted a 73 per cent surge in its third-quarter net income as revenue climbed on push to mitigate the effect of the closure of the Strait of Hormuz.” — The National
“AD Ports Group posted a record quarterly net profit of Dh975 million for the third quarter, up 64 per cent from a year earlier.” — Gulf News
Right0 outlets
No right outlet in our sources has covered this story yet.
What every side reports
- AD Ports' owners' share of Q3 net profit rose 73% to Dh767 million.
- Q3 revenue rose 48% year on year to about Dh8 billion.
- The company rerouted cargo to Fujairah Terminals and Khor Fakkan Port since March because of Strait of Hormuz disruption.
- UAE container throughput rose over 30% on the second quarter but was 57% lower year on year.
- AD Ports is being taken private by L'IMAD and will delist from the ADX.
Where accounts differ
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Which profit figure is the headline growth number
- Centre
- The National leads with the 73% rise in owners' profit (Dh767 million); Gulf News leads with a record Dh975 million total net profit, up 64%, and reports the 73% owners' figure further down.
AD Ports Group organisation
Presents the quarter as record results achieved in one of the most challenging periods in its 20-year history, crediting operational resilience and continuity measures that mitigated Hormuz disruption.
““Operational flexibility and agility helped AD Ports to “mitigate the negative effects of regional disruptions on UAE operations, especially in the shipping business”” — The National
“a testimony to the Group’s operational resilience, integrity” — Gulf News
Strait of Hormuz place
Described as effectively shut since the US-Iran war began on 28 February, forcing ports and logistics operators to use alternative routes; Gulf News notes disruption continued to affect UAE port operations.
“A deal between the US and Iran remains elusive, which has forced ports, shipping and logistics operators such AD Ports to explore alternative export routes.” — The National
“Disruptions in the Strait of Hormuz continued to impact UAE ports operations during the period.” — Gulf News
Left0 articles
No coverage yet.
Centre2 articles
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AD Ports profit jumps 73% due to efforts to mitigate effect of Hormuz closure
Neutral Business report leading on the 73% owners' profit rise and the company's Hormuz mitigation, largely relaying the company statement with war context.
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AD Ports posts record Q3 net profit of Dh975 million, up 64%
Neutral Results report leading on record Dh975 million profit, with a detailed segment, cash flow and delisting breakdown drawn from company figures.
Right0 articles
No coverage yet.
- 11 Nov 08:05 First The NationalN AD Ports profit jumps 73% due to efforts to mitigate effect of Hormuz closure
- 11 Nov 10:05 +2h Gulf NewsN AD Ports posts record Q3 net profit of Dh975 million, up 64%
Times are when each article was published, or when we first saw it if the outlet gave no time.
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